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Itaú Unibanco (ITUB4) announced on Tuesday night (3) that it is conducting studies, already in an advanced stage, that address the segregation of 41.05% of XP Inc.’s stake in a new company. A remaining 5% stake would be offered to markets where XP’s shares are traded in the form of public offerings.
Itaú is considering handing over XP shares to its shareholders. For that, the possibility would be to create a new company, called “Newco”, and to segregate the XP shares, or 41.05% of the capital of the investing company, according to the financial institution.
The shares would be the only investment of the new company. Subsequently, Itaú shareholders would receive an equity stake in this new company. Itaú highlights that such a division, if this is the decision, will not occur in 2020.
As Itaú has a 46% stake in XP’s capital (the initial 49.9% stake was diluted after XP’s initial share offering (IPO) on the US Nasdaq exchange), there would be a remaining 5% stake.
One of the possibilities, according to the studies that are being carried out, would be to sell this segment through a share offer. With this, Itaú affirms that the movement would generate an increase in the Basel III Principal Capital index.
If the distribution is made in accordance with the participation in the capital of Itaú – since the bank has ordinary and preferred shares -, part of XP’s participation will go to Iupar and Itaúsa, which together own 46% of Itaú, a large part in the hands of Familias Setubal, Villela and Moreira Salles (Itaúsa is listed on the stock market and, therefore, more shareholders).
Itaú informs that the sale, if completed, depends on “the applicable market conditions” and the approval of the institution’s board of directors.
Yesterday, Itaú also released its results for the third quarter of 2020. The bank recorded a recurring net income of R $ 5,030 billion in the third quarter of 2020, 29.7% less than in the same period of last year, when totaled R $ 7,156. billion, due to the large loss cushion established in the context of the pandemic.
Pointing to a recovery in the economy, the result was 19.6% better than the immediately previous quarter. The result is due to lower expenses with provision for credit risks, especially from Itaú’s wholesale bank.
(With Agência Estado)
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